Roc Oil Co Ltd has plans to participate in up to 21 exploration and appraisal wells in five countries in the next 12 months. The Australian independent oil company was also considering listing on one or more overseas stock exchanges while retaining its listing on the Australian bourse, chairman Andrew Love told the annual shareholders meeting. Love said Roc needed to "deepen and broaden" its share register in and beyond Australia after the company failed to achieve market re-ratings similar to those of a number of other independent oil firms. Roc was trading three cents higher at A$1.46 in late morning trading. The stock hit a 12-month peak of A$1.82 in mid-February.
"Either the company's share price has missed the boat and it will not be re-rated, or the delay in Roc receiving market recognition means that a serious and permanent up-tick in Roc's share price is now closer than ever," Love said. Earlier this month, the company restarted exploration drilling in the East Gobi basin in Mongolia after having suspended drilling in preparation for the Northern Hemisphere winter. Roc is also exploring for oil in several African countries, Australia and the United Kingdom.